Atlantic City Casino Profits Fall Nine Percent in 2024, But All Nine Resorts Profitable
Posted on: April 7, 2025, 02:58h.
Last updated on: April 7, 2025, 02:58h.
Each of the nine Atlantic City casino resorts remained profitable in 2024, though their revenue and margins shrunk.
On Monday, the New Jersey Division of Gaming Enforcement revealed 2024 fourth quarter and full-year results for the nine casinos down the shore.
The filing disclosed that net revenue declined 0.5% from 2023 to a little more than $3.31 billion. Net revenue includes income from brick-and-mortar casino gaming and iGaming, retail and mobile sports betting, food and beverage, and hotel sales.
Though net revenue for the nine resorts was down less than 1%, their collective gross operating profits dropped over 9% to $709.1 million, a decline of roughly $71.5 million. Gross profits, the DGE explains, reflect earnings before interest, taxes, depreciation, amortization, affiliate charges, and other miscellaneous items.
Concerning Data
The 2024 Atlantic City casino profit report reveals that only two of the nine resorts were more profitable last year than they were in 2023. The properties that bucked the trend were Caesars (up 11% y/y) and Hard Rock (up 8% y/y).
The seven other casinos experienced lower profits ranging from a decline of 77% at Bally’s to 8% at Borgata. Borgata remained the most profitable Atlantic City casino at $208.6 million.
Higher costs because of ongoing inflation and economic conditions possibly pulling back some consumer spending were blamed.
“Increases in expenses and drags on consumer demand (initially observed in the third quarter and following through into the fourth) likely resulted in the disproportionate decline of 9.2% in year-over-year gross operating profit,” Jane Bokunewicz, director of Stockton University’s Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism, told the Press of Atlantic City.
Bokunewicz added that in a period of “flattening brick-and-mortar” casino growth, “higher expenses” are expected as casinos increase spending on promotions to maintain customer loyalty.
However, Casino.org has heard recently from many guests who claim most of their comps and incentives have disappeared in recent years. Tighter odds and higher table minimums have also been blamed for lackluster play at the physical casinos.
In 2024, in-person casino revenue from slot machines and table games declined 1.1% to $2.81 billion.
The nine casinos in Atlantic City saw their rooms be occupied less last year, too. The casinos’ 15,424 guestrooms were occupied 72% of the time, down 1% from 2024.
The average nightly rate for a casino room also dropped from $181 in 2023 to $178 last year.
Positive Outlook
Mark Giannantonio, president of Resorts and the Casino Association of New Jersey, believes better days are ahead for Atlantic City. He says the entertainment lineup for the 2025 summer is stronger and busier than last year, and the recent restoration of the beach along the northern part of the Boardwalk will attract more leisure travelers during the warmer months.
We have some of the best entertainment on the East Coast,” Giannantonio told Casino.org. Predicting a “renaissance,” Giannantonio is forecasting that the 2025 summer will begin a new era and heyday for Atlantic City.
“For anyone who hasn’t been to Atlantic City recently, we provide value. You can see incredible shows and eat at world-class restaurants… we’re a market that’s on the rise,” Giannantonio said.
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part of the problem could be attributed to the beach erosion and lack of $$ from summer beach bars
The president of a casino and a statewide industry group says he is optimistic about Atlantic City this summer? I'm sure that's his completely unbiased opinion. Maybe all 9 profitable resorts can somehow afford to spend a few dollars lowering costs for patrons, improving safety, upgrading promos, or renovating/improving properties.
Atlantic city is a gem no other casino has their oceans as a front door...do something about the slums and bums and addicts here ..you all let it get out of controll it is a danger to our visitors and also to your employees ...fix it and stop all this bulshit people are afraid to come .. 43 years in casino business life long resident ..come on we can do better ..streets and boardwalk need to be safe at any time always ...what a gorgeous gem Just do it get it safe again hire police manpower flood the streets and boardwalk
You keep quoting Jane from Stockton but she says the same thing over and over. She won’t say it but the large Local 54 contract from a couple years ago is a large reason. Labor is a huge expense and it was a contract for the ages. The new beach Mark is so happy about is already eroding terribly. You don’t provide value with $5 sodas and $20 cheeseburgers. The free beach and comped rooms will be the city’s savior. Respectfully, Don